GEORGE TOWN, Dec 10 — Ideal United Bintang Bhd (IUBB) is in talks with two potential buyers, one from Singapore and the other from Malaysia, for the sale of units in a 22-storey commercial block in George Town.
Group Executive Chairman Datuk Alex Ooi said the units in Menara LA on Jalan Sultan Ahmad Shah here will be modified for use as an office and a three- or four-star hotel.
“The negotiations should be concluded by the first quarter,” he told reporters after IUBB’s extraordinary general meeting here today.
Ooi said depending on the buyer’s requirements, IUBB will most likely renovate two floors covering 3,000 sq. ft. each for use as office space.
The company, which also imports and exports used and reconditioned heavy machinery, today received shareholders’ approval to acquire the 11 floors of the commercial/office space for RM19.5 million.